Woori Bank to link Samsung Wallet Money with WeChat Pay transit cards in China

Woori Bank is pushing to extend its Samsung Wallet Money mobile payment service to transit cards linked with WeChat Pay across China.

A Woori Bank official said at a Samsung Wallet Money press briefing held Wednesday afternoon at the bank's headquarters in Jung-gu, Seoul, that while other mobile payment services support QR payments in China, users without the WeChat app must install it separately. "Going forward, we will pursue integration with WeChat to support transit card services used for ride-hailing and subway systems in China," the official said.

Woori Bank President Jeong Jin-wan traveled to Shenzhen, China, on Monday to meet with representatives from Samsung Electronics and Tencent, signing a memorandum of understanding on supporting and strengthening cooperation for Samsung Wallet Money's overseas payment service and formally launching the service in China.

Samsung Wallet Money users will now be able to make QR payments at WeChat Pay-affiliated merchants across all of China, including table-order payments at restaurants. The service also supports NFC payments at more than 150 million merchants in 210 countries connected to the Mastercard network, including those in North America, Europe and Japan.

Woori Bank also plans to expand the service's domestic reach by signing affiliate agreements with local food delivery platforms and other partners.

As hacking incidents spread from banks to securities firms, Woori Bank said Samsung Wallet Money remains secure. "All payment data is encrypted and decrypted in transit, so there is no risk of a data leak," a bank official said. "We have a double-layer security system that shares information only with verified partner companies."

On the risk of unauthorized payments in the event of a lost device, the official explained that Samsung Wallet Money requires biometric authentication or a password to complete any transaction. "Even if the device is lost, no one else can use it without authorization, and customers can suspend the service at any time through our 24-hour customer center," the official said.

Meanwhile, Jeong opened the press briefing with remarks expressing pride in the collaboration. "I feel a great sense of pride that Woori Bank, together with Samsung Electronics, has created a new overseas payment experience in South Korea — a country with world-class smartphone manufacturing capabilities and digital financial expertise," Jeong said.

Jeong added, "Now that we have opened the door to making payments anywhere in the world with a single Galaxy phone, we will continue to enhance the convenience, benefits and security of Samsung Wallet Money to reshape the overseas payment market."